S&P calls US lawsuit retaliation for stripping AAA rating

Source: http://prienceshrestha.wordpress.com/
Source: http://prienceshrestha.wordpress.com/

Remember when S&P downgraded US debt? Boy, some people weren’t very happy about that. The public just might get the idea that this country was headed in the wrong direction financially. And that dear readers is clearly not the case. I mean Washington has told us over and over that there is nothing to worry about.

Until a debt ceiling vote comes, then the world will explode unless we raise the ceiling. I don’t see why this should affect the AAA rating of US debt though. It’s not like such a rating is supposed to reflect the ability of the US to pay its bills or that having to raise the debt ceiling every 6 months indicates anything the world should be concerned about.

That the whole US and world financial ponzi scheme rests on low interest rates which might be affected by a dip in debt rating has absolutely nothing to do with why Eric Holder and company are going after Standard and Poors. No way they would want to scare other ratings agencies into maintaining a AAA rating. Not a chance. This is America. We don’t do that sort of thing.

(From CNBC)

In a filing with the U.S. District Court in Santa Ana, Calif., S&P said the lawsuit attempts to punish it for exercising its First Amendment free speech rights under the U.S. Constitution but also seeks “excessive fines” in violation of the Eighth Amendment.

It said the government’s “impermissibly selective, punitive and meritless” lawsuit was brought “in retaliation for defendants’ exercise of their free speech rights with respect to the creditworthiness of the United States of America.”

That darned Constitution thing. Just keeps getting in the way.

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